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2015 (9) TMI 1291 - ITAT BANGALORE

2015 (9) TMI 1291 - ITAT BANGALORE - TMI - Proceedings u/s 153C - rework the addition after giving credit for proportionate expenditure on account of pending works for this year and also giving credit for appellant’s returned income on account of sale of flats as directed by CIT(A) - Held that:- We have considered the submissions of the learned DR. We find that additional cost on incomplete project, based on photograph, may not be acceptable. No reasons were adduced for not filing the evidence f .....

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n the file of the AO - Decided in favour of Revenue for statistical purpose. - ITA No.9/Bang/2015 - Dated:- 4-9-2015 - SHRI N.V VASUDEVAN AND SHRI S RIFAUR RAHMAN, JJ. For The Appellant : Smt. Neera Malhotra, CIT For The Respondent : None ORDER PER SHRI S RIFAUR RAHMAN, ACCOUNTANT MEMBER : This appeal by the Revenue is against the order of the Commissioner of Income-tax (Appeals) - I at Bangalore dated 30-10- 2014 relating to assessment year 2007-08. 2. The assessee is an individual. There was a .....

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eturn of income on 6.12.2009 declaring income of Rs,399,099/- for the asst. year 2007-08. 4. In response to notices issued u/s 143(2) & 142(1) of the Act, 1961, the assessee did not submit any books of accounts. The assessment was completed on the basis of information available in the absence of production of books of accounts. 5. The AO noticed that the assessee had purchased site and constructed apartments thereon during asst. year 2004-05. The project was named as Soundarya Nivas and the .....

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based on the % of completion method. Cost computation % completion method Assessment Year 2003-04 2004-05 2005-06 2006-07 200708 2008-09 % of completion 24% 23% 27% 26% Cumulative 24% 47% 74% 100% Cost 1653533 3209800 5057866 6808666 Revenue computation % completion Method % Basis Revenue 0 2026419 2933638 6198459 8344080 Amount recd. 0 0 0 3208400 8344080 8344080 Min. of above 0 3208400 6198459 8344080 Less cost as above 1653533 3209800 5057866 6808666 Income cumulative -1653533 1400 1140593 1 .....

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15,39,692 9. During the course of hearing with learned CIT(A), the assessee filed letter dated 21.12.2009 along with calculations addressed to the AO in which it was claimed that these were pending works relating to the project Soundarya Nivas to the extent of ₹ 1200,000/- for which payments are yet to be made and thus it was not considered in the calculations given earlier. This aspect was not submitted before AO, the matter was remanded back to AO by the CIT(A). The remand report submitt .....

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ission, CIT(A) observed as below:- 4.3. Considering the facts and evidences, I find that the argument of the appellate has some basis that there are some pending finishing works which are visible in the photographs. Further, the appellant should also be given credit for the income admitted on sale of flats while arriving at addition on account of admitted income. Hence, AO is directed to rework the addition after giving credit for proportionate expenditure on account of pending works for this ye .....

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